Wiz Khalifa -- $1 Million Lawsuit Up In Smoke

Wiz Khalifa sued for $1 mil bucks over a cancelled concert ... and that would have bought him 100,000 joints ... which would have been AWESOME ... except for the fact that he got thrown out of court.

TMZ broke the story ... Wiz sued It's My Party, Inc. -- a concert promotion company - for cancelling his gig at George Mason University. Wiz claimed he was promised $85k plus a cut of the profits, BUT he sued for $1 million claiming the botched show severely damaged his reputation.

It's My Party fired back ... the deal was never real since Wiz never signed on the dotted line.

A judge agreed -- No contract = no deal.